Each day, new fears about the risks of the crypto-universe are passed out to onlookers who worry about being scammed online. Whilst some of these fears are indeed justified, safe and careful investment within cryptocurrency can be a secure and fulfilling experience. The idea of scammers trying to trick you for financial gain however can be off-putting for new people who want to get involved in cryptocurrency. That’s why activities such as this one by BrandShield are ever more important.
BrandShield are a company who have developed an Artificial Intelligence (AI) which can help to combat abuse targeted towards brands online. They use an AI platform to detect and report users that subject brands to targeted abuse in a bid to reduce the amount of ‘trolling’ their brands are exposed to.
By adapting their initial AI, BrandShield have now developed a new platform which aims to bring trust back into the cryptocurrency industry in an attempt to clean the area up, ready for new investors to start getting involved.
The platform is called MyShield. MyShield uses AI to protect the blockchain from malicious activities and scams. The negative news about scams and hacks always makes headlines, headlines that are putting people off investing in cryptocurrency. Its almost a form of fear mongering that can be backed up with statistics. MyShield hopes to put a stop to this.
Much like with BrandShield, the MyShield AI uses community engagement to learn, therefore it’s algorithms take information from blockchain transactions and community interactions to locate and target malicious activities. According to Yoav Keren, the CEO of BrandShield:
“By launching MyShield and by using blockchain technology, we are committing to protect the internet by building a powerful coalition of crypto users and companies.”
Okay so MyShield isn’t the ultimate defence mechanism for preventing malicious activities within the blockchain but what it does offer is a community led incentive to get us to work together to protect the blockchain. What this can achieve is a network of technology and (most importantly) people, working together to locate and remove scams before they have even happened. This, will instil trust and confidence back into those who wish to start investing cryptocurrency, but are too nervous to do so due to the news about the risks they may be exposed to.
This is yet another positive step towards creating a more secure network for us all, and in turn might help to influence the pipeline cryptocurrency-adoption dream that many people are starting to see the benefits to.